The Central Bureau of Investigation (CBI) has filed a fraud case against Jai Anmol Ambani, the elder son of Anil Ambani and chairman of the Reliance Group, for allegedly defrauding Union Bank of India of ₹228.06 crore. The case claims that companies linked to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL) obtained general-purpose corporate loans from the bank, but instead of using the funds as specified, they were diverted elsewhere, violating loan conditions. Jai Anmol, who was serving as Executive Director of Reliance Home Finance at the time, is accused of providing misleading information to the bank and breaching loan terms, along with other directors.
This is the first time Jai Anmol has been named as a direct accused in a significant criminal investigation. The CBI has filed a case against RHFL, RCFL, Jai Anmol, and other unidentified individuals under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act. The complaint was filed directly by Union Bank.
The Anil Ambani-led ADA Group is already facing several fraud-related allegations involving multiple banks, including SBI, Yes Bank, and Punjab National Bank. In June 2025, SBI classified Reliance Communications (RCOM) and Anil Ambani as “fraud” accounts, citing loan defaults exceeding ₹40,000 crore. The Securities and Exchange Board of India (SEBI) has also barred Anil Ambani and 24 others from the securities market for five years, alleging diversion of over ₹5,000 crore from RHFL under the guise of loans.
The Enforcement Directorate (ED) has attached assets worth ₹10,117 crore related to the Reliance Group, including properties worth ₹1,120 crore belonging to companies associated with Anil Ambani, as part of an ongoing money-laundering probe. The ED has also summoned Anil Ambani in connection with a separate investigation into an alleged ₹17,000 crore loan fraud. Multiple cases are pending against Anil Ambani’s companies, including Reliance Communications, which has already gone bankrupt, and Reliance Capital and Reliance Infrastructure, which are undergoing insolvency proceedings in the National Company Law Tribunal (NCLT).